h 股 c r 票 a e s e R 研 y [Table_Title] Kevin Guo 郭勇 究 tiu Company Report: China Gold International (02099 HK) 中文版 q (852) 2509 5317 E 公司报告： 中国黄金国际 (02099 HK) Chinese version yong.guo@gtjas.com.hk 10 April 2024 [Table_Summary] 甲玛矿生产将恢复正常，维持“收集” tr 公 o 司 p e R  由于市盈率估值水平较高，我们将中国黄金国际(“公司”)的目标价上调至56.10 [RTaabtlien_gR:a nk] Accumulate y 港元，并维持“收集”评级。我们的目标价对应16.4倍、9.0倍和7.6倍2024-2026 Maintained 报 n a 年市盈率。我们预测，公司净利润将在2024-2026年稳步增长，主要受金属价 p 告 m 格上涨和矿产品产量增加的推动。 评级： 收集 (维持) o C  公司2023年录得2,550万美元亏损。甲玛矿因尾矿库尾砂外溢，自202 ...

Investment Rating - The report maintains a "Buy" rating for FIT Hon Teng with a target price of HKD 1.65, based on a 9.0x 2024 P/E ratio [2][3][7] Core Views - FIT Hon Teng's 2023 financial performance met expectations, with revenue declining 7.4% YoY to USD 4.196 billion and net profit decreasing 23.5% YoY to USD 130 million [2][8] - The company's "3+3" strategy, focusing on electric vehicles (EV), 5G AIoT, and acoustic products, is expected to drive future growth [2][9] - EV business is seen as a major growth driver, with revenue contribution from EV, 5G AIoT, and acoustic products expected to reach 30% in 2024 and 40% in 2025 [2][9] - The acquisition of SWH (renamed FIT Volaira) is expected to accelerate the company's expansion in the EV market, particularly in Europe [2][10] Financial Performance - 2023 revenue: USD 4.196 billion (-7.4% YoY) [2][8] - 2023 net profit: USD 130 million (-23.5% YoY) [2][8] - 2023 gross margin: 19.2% (+2.3 ppts YoY) [8] - 2023 R&D expenses: 7.3% of revenue (+0.8 ppts YoY) [8] - 2023 administrative expenses: 4.5% of revenue (+1.6 ppts YoY) [8] Future Projections - 2024-2026 EPS forecast: USD 0.023 / USD 0.029 / USD 0.035 [2][7] - 2024-2026 revenue forecast: USD 4.673 billion / USD 5.074 billion / USD 5.472 billion [5] - 2024-2026 net profit forecast: USD 166 million / USD 208 million / USD 245 million [5] Business Strategy - The company is leveraging its global presence and MIH platform to expand its EV business, with a focus on high-voltage connectors and intelligent vehicle systems [9][10] - The acoustic business is benefiting from the company's position as a supplier of TWS products to North American customers [9] - The 5G AIoT and data center markets are expected to drive demand for high-speed connectors, benefiting the company's copper and optical-based products [9] Market Position - FIT Hon Teng is positioned to benefit from the growing EV, 5G AIoT, and data center markets, with a diversified product portfolio and strong R&D capabilities [9][10] - The company's acquisition of FIT Volaira enhances its position in the automotive sector, particularly in Europe [10]

Investment Rating - Maintained "Buy" rating with a new target price of HK$20.50, derived from a sum-of-the-parts valuation method (firepower at 0.7x 2024 P/B and renewables at 7.5x 2024 P/E) [1] - 2024 and 2025 EPS forecasts adjusted to HK$2.88 (+3.3%) and HK$3.49 (+1.8%) respectively, with a new 2026 EPS forecast of HK$3.84 [1] Core Views - 2023 performance met expectations with a 56.2% YoY increase in shareholder profit to HK$11.003 billion [1] - Total equity-based operating generation capacity increased by 7,183 MW in 2023, including 3,106 MW from wind and 2,230 MW from solar [1] - Dividend payout ratio remained at 40%, reaching 62% including a special dividend for the 20th IPO anniversary [1] - Firepower business outlook remains stable with a projected 3-5% decline in average fuel cost per unit in 2024, following a 12.6% decline in 2023 to RMB 296/MWh [1] - Ambitious renewable energy expansion plan for 2024, targeting 10 GW of new capacity (up from 5,336 MW in 2023) with a capital expenditure budget of HK$44.6 billion [1] - Low-cost debt financing advantage with an effective interest rate of approximately 2.9% in 2023 [1] Financial Performance - 2023 revenue was HK$103.334 billion, with net profit of HK$11.003 billion, representing a 56.8% YoY increase in EPS to HK$2.29 [4] - 2024 revenue forecast at HK$107.698 billion, with net profit expected to rise to HK$13.837 billion and EPS to HK$2.877 [4] - 2025 revenue forecast at HK$113.202 billion, with net profit expected to reach HK$16.8 billion and EPS to HK$3.492 [4] - 2026 revenue forecast at HK$118.98 billion, with net profit expected to grow to HK$18.493 billion and EPS to HK$3.844 [4] - Operating margin improved to 17.6% in 2023, with a net profit margin of 11.7% [7] - ROE increased to 12.9% in 2023, with further improvements expected to 14.9% in 2024 and 16.3% in 2025 [7] Operational Highlights - Firepower capacity addition planned for 2024 is approximately 927 MW [1] - Renewable energy expansion is supported by strong cash flow from the firepower business and low financing costs [1] - Total assets increased to HK$322.396 billion in 2023, with PPE growing to HK$215.752 billion [7] - Net gearing rose to 182.5% in 2023, with further increases expected to 215.3% in 2024 and 234.3% in 2025 [7] Market Performance - Share price increased by 7.3% over the past month, 15.9% over the past three months, and 13.3% over the past year [3] - Relative performance to the HSI index was 6.6% over the past month, 12.7% over the past three months, and 27.2% over the past year [3] - Average share price over the past year was HK$15.7, with a current share price of HK$17.86 [3]

hcraeseR 股 票 研 [Table_Title] Gary Wong 黄家玮 ytiuqE Company Report: China State Construction International (03311 HK) 究 (852) 2509 2616 公司报告： 中国建筑国际 (03311 HK) 中文版 Chinese version gary.wong@gtjas.com.hk 25 March 2024 科[Ta技ble带_Su动mm类ar业y] 务贡献将不断增加  我们重申“买入”评级，维持15.00港元的目标价。我们分别小幅下调中国建筑 [RTaabtlien_gR:a nk] Buy 国际（“公司”）2024/2025年每股盈利预测3.4%/ 3.1%至2.028港元/2.266港 公 Maintained tropeR 元，并首次给予2026年每股盈利预测为2.503港元。我们维持15.00港元的 司 目标价，相当于7.2倍/ 7.1倍/ 6.9倍的2024/ 2025/ 2026年EV/EBITDA。 评级： 买入 (维持) 报 ynapmoC  2023年股东净利润同比增 ...

Investment Rating - The report maintains a "Buy" rating for Onewo (02602 HK) and lowers the target price to HKD 27.70, corresponding to a 13.0x P/E ratio for 2024 [3][4]. Core Views - Onewo is progressing steadily with its "Butterfly City" strategy by enhancing its smart technology advantages. The company's performance in 2023 showed balanced growth with a surprising 55% dividend payout ratio. The projected EPS for 2024-2026 is RMB 1.934, RMB 2.247, and RMB 2.623, respectively, with a CAGR of 16.5% from 2023 to 2026 [3][4][6]. Summary by Sections Financial Performance - In 2023, Onewo's total revenue grew by 10.2% year-on-year to RMB 33.183 billion, driven by a 14.2% increase in recurring business revenue to RMB 26.66 billion. The gross profit margin improved to 14.5%, with a net profit of RMB 1.955 billion, reflecting a 29.3% increase [3][4][7]. Strategic Initiatives - The "Butterfly City" strategy has led to a significant increase in efficiency, with the number of Butterfly Cities rising from 584 at the end of 2022 to 621 by the end of 2023. The company has invested over RMB 300 million in process upgrades across 150 Butterfly Cities, resulting in a 4.5% increase in overall efficiency and a 55.5% year-on-year growth in residential property gross profit [4][6]. Dividend Policy - The management announced a final dividend of RMB 0.777 per share, leading to a total dividend payout ratio of 55% for 2023, a significant increase from the previous year's 16%. The dividend payout ratio is expected to remain stable at 55% for 2024 [3][4][6]. Market Positioning - Onewo is actively reducing its reliance on developers by diversifying its client base. In 2023, 65% of new contracts for building maintenance services came from non-developer clients, with a 25.1% year-on-year increase in revenue from this segment [6][7].

h 股 c r a 票 e s e R 研 y tiu [ FT la ab sle h_T Nitl oe] t e: CGN Mining (01164 HK) Kevin Guo 郭勇 究 q (852) 2509 5317 E 快讯： 中广核矿业 (01164 HK) yong.guo@gtjas.com.hk 25 March 2024 [Table_Summary] 铀的基本面维持强劲 e  我们维持中广核矿业（“公司”）“买入”的投资评级，目标价为 1.85 港元。我们的目标价对应9.4倍和8.7倍2024-2025 快 to N 年市盈率。我们预计铀价将在2024年因强劲的基本面而继续上升，公司的矿产品产量将稳步增长。 讯 h s a lF  我们预计铀价上升仍将是主要的利润驱动因素。长期而言，铀的供需基本面预计维持强劲，我们预计铀价在2024年 将继续上升并维持高位。铀矿行业投资不足将对全球铀供应产生长期影响，未来5年铀产量增长有限。但随着核电装 机的增长，全球铀需求将稳步增长。世界各国政府已经更改了核电相关政策，特别是在风电和太阳能发电占比上升以 及需要更加稳定的电源之时。因此，随着风 ...

hcraeseR 股 票 研 [Table_Title] Chunli Zhan 詹春立 ytiuqE Company Report: Greentown Management (09979 HK) 中文版 究 (852)2509 7745 公司报告： 绿城管理 (09979 HK) Chinese version james.zhan@gtjas.com.hk 25 March 2024 增[Ta长ble韧_Su性mm凸ar显y] ，高派息率，维持“买入”评级 tropeR 公  我们维持“买入”评级，并下调目标价至9.40港元。我们预计绿城管 [RTaabtilne_gR: ank] Buy 理2024-2026年每股盈利分别为人民币0.615元、人民币0.773元和 司 Maintained 人民币0.950元，对应2023-2026年的年复合增长率为24.1%。我们 ynapmoC 报 下调目标价至9.40港元，相当于14.0倍的2024年市盈率。我们维持 评级： 买入 (维持) 告 “买入”评级。  2023年业绩强劲，派息率达100%，令人惊喜。在房地产下行周期中， [6T-a1b8lem_ ...

Investment Rating - The report maintains a "Buy" rating for China Mobile (00941 HK) with a target price of HK$78.00 [23][21][15]. Core Insights - The company is expected to achieve stable growth in revenue and net profit, with service revenue reaching RMB 863.5 billion (up 6.3% YoY) and net profit reaching RMB 131.8 billion (up 5.0% YoY) in 2023 [3][11]. - The company plans to increase its dividend payout ratio to 71.5% for 2023 and aims to raise it to over 75% in the next three years [11][15]. - The report anticipates that the company's cost control measures and efficiency improvements will enhance profitability, allowing for dividends to exceed market expectations [21][15]. Financial Summary - For the fiscal years 2024 to 2026, the expected earnings per share (EPS) are RMB 6.912, RMB 7.245, and RMB 7.533 respectively [15][21]. - The projected dividend yields for 2024, 2025, and 2026 are 7.0%, 7.5%, and 8.0% respectively [21][15]. - The company’s capital expenditure is expected to decline, particularly in 5G infrastructure, which will help alleviate operational cost pressures [22][15]. Market Position and Strategy - The competitive environment for traditional telecom operators is expected to remain moderate, benefiting profitability [26]. - The company has been actively repurchasing shares, reflecting management confidence and adherence to state-owned enterprise value management requirements [15][11]. - The report highlights the strong demand for industrial digitalization and the easing of depreciation pressures from traditional business investments as key factors supporting growth [3][11].

h 股 c r a 票 e s e R 研 y [Table_Title] Chunli Zhan 詹春立 tiu Company Report: Greentown Management (09979 HK) 究 q (852)2509 7745 E 公司报告： 绿城管理 (09979 HK) james.zhan@gtjas.com.hk 25 March 2024 [Table_Summary] Undisturbed Growth and High Dividend Payout, Maintain "Buy" tr 公 o  We maintain "Buy" rating and trim TP to HK$9.40. We forecast p [RTaabtlien_gR:a nk] Buy 司 e R G RMre Ben 0t .o 7w 73n aM nda n Ra Mge Bm 0.e 9n 5t 0’s r2 e0 s2 p4 eF ct- i2 v0 e2 ly6 F hE icP hS ret po eb se ntR sM aB C0. A6 G15 R, Maintain ...

h 股 c r a 票 e s e R 研 y [Table_Title] Ivan Wu 吴凱翔 tiu Company Report: Geely Automobile (00175 HK) 究 q (852) 2509 2649 E 公司报告： 吉利汽车 (00175 HK) ivan.wu@gtjas.com.hk 25 March 2024 R[Taebvlee_nSuumem aHryi]t A Record High; Strong Sales Growth of FVs And NEVs Further Drives Business Growth; Maintain "Buy" tr 公 o p 司 e R  Maintain "Buy" with TP of HK$13.33. Considering 1) Geely [RTaabtlien_gR:a nk] Buy 报 y n Automobile’s (“Geely” or the “Company”) scale, product matrix and Maintained a profitability and market s ...